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You can think of the United States as a set of 50 separate economies with no trade barriers. In such an open environment, each state specializes in the products that it produces best.
a. What product or products does your state specialize in?
b. Can you identify the source of the comparative advantage that lies behind the production of one or more of these products (for example, a natural resource, plentiful cheap labor, or a skilled labor force)? c. Do you think that the theory of comparative advantage and the Heckscher-Ohlin theorem help to explain why your state specializes the way that it does? Explain your answer.
What is the relative price of root beer in terms of CDs
Consider a static, Arrow-Debreu economy with N=2 states. Suppose that the market is complete and let P and 1-P be the price of the two Arrow-Debreu securities, b(1)=(1, 0), and b(2)=(0, 1), respectively.
What are the consequences of wide fluctuations in exchange rates between currencies as in this case? How do these changes particularly impact a charitable organization?
The price of food is Px=Kshs. 200, and the price of clothing is Py=Kshs. 400. Find Eric's optimal consumption bundle.
the price of elasticity of demand for tvs in canada is 1.2 and the income elasticity of demand for automobiles is 3. What would the effect of a 3 percent decline in tv prices on thequantity of tvs demanded.
Consider a perfectly competitive market in which the market demand curveis Dd =10-Pd andsupplyisQs =2Ps. a) Find the equilibrium price and quantity on this market. b) Suppose the govt imposes the price ceiuling of 3$ per unit. How much is supplied
Explicit statement of the model(s)/equation(s) being estimated - statement of whether the results refute or support the hypotheses - statement of whether the results are statistically significant
1. suppose the demand for a product is given by p 50 - q. also the supply is given by p 10 3q. if a 12 per unit
A high-tech stock has the following potentials of either going up or down in next twelve months based on investment analysis of several stockbrokers.Potential Associated Increase Probability /DecreasePercentage as a young enterprising engineer, are..
Use the modified benefit-cost ratio method and a MARR of 10% per year to determine which alternative, if any, should be recommended to the city council. Use incremental analysis method with modified B-C ratio based on AW.
In the model of Section 20.1, suppose that condition (20.18) is not satisfied. Assume that the production function F is Cobb-Douglas. Characterize the asymptotic growth path of the economy (the growth path of the economy as t → ∞).
Why is real GDP targeting the riskier of the two strategies?
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